U.S. Manufacturing PMI Rises More Than Expected But Still Indicates Contraction
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(RTTNews) - The Institute for Supply Management released a report on Monday showing its reading on U.S. manufacturing increased by more than expected in the month of November but continued to indicate a contraction.
The ISM said its manufacturing PMI rose to 48.4 in November from 46.5 in October, although a reading below 50 still indicates contraction. Economists had expected the index to inch up to 47.5.
The bigger than expected advance by the manufacturing PMI came amid a turnaround by new orders, as the new orders index jumped to 50.4 in November from 47.1 in October.
The report also said the production index crept up to 46.8 in November from 46.2 in October, while the employment index surged to 48.1 in November from 44.4 in October.
Meanwhile, the ISM said the prices index slumped to 50.3 in November from 54.8 in October, suggesting just a modest increase by raw materials prices.
The ISM is scheduled to release a separate report on service sector activity in the month of November on Wednesday.
Economists currently expected the ISM's services PMI to edge down to 55.6 in November from 56.0 in October, but a reading above 50 would still indicate growth.
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